Subject: Mary Shapiro

As the days continue to pass and your tenure grows, we must ask as market participants why you
have failed to reinstate the uptick rule?

Investor confidence is rapidly eroding, the markets remain extremely volatile, and the investor
class continues to ask where our leadership lies, and why they have failed to act.

The failed policy decisions of Chris Cox have remained in place far too long and the calls for
action could not be louder, yet your office has yet to announce the imperative policy action to
reinstate this rule.